Question: QUESTION 2 a) State how closing inventory is to be measured according to IAS 2. b) Using the following information calculate; (i) The value of

QUESTION 2 a) State how closing inventory is to be measured according to IAS 2. b) Using the following information calculate; (i) The value of closing inventory for each of the Phones (Nokia, Sumsung and Motorola). (ii) The total value of all the closing inventories (Nokia, Sumsung and Motorola). Azonto trades in different types of phones on wholesale basis. The following data was extracted at the end of the year 31 December, 2016. Nokia Sumsung Motorola Cost per unit GH8 GH10 GH19 Net realisable value per unit GH 10 GH7.9 GH15.6 Selling price per unit in the market GH12 GH11 GH20 Units in inventory 10,000 20,000 30,000

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